Vodafone Idea shares rally 72% in 6 weeks; what's next rating & price target revision
Vodafone Idea: The telecom operator player recently has seen upgrades and target price revision from brokerage firms, which may further support its price action.
- Oct 28, 2025,
- Updated Oct 28, 2025 9:28 AM IST
Shares of Vodafone Idea (VIL) have rallied higher lately as the troubled telecom stock has soared nearly 72 per cent in the last 6 weeks. The telecom operator player recently has seen upgrades and target price revision from brokerage firms, which may further support its price action. However, it already has met the majority of the targets.
In the recent hearing over AGR issue, Supreme Court (SC) permitted the Union government (GoI) to re-examine the AGR verdict as GoI now holds 49 per cent equity stake in Vodafone Idea and aims to prevent any disruption in services for its 20 crore customers. The SC observed that any decision regarding AGR relief lay within the policy domain of the Union, thereby clearing the way for the GoI to extend such relief.
"We believe this verdict is a positive step and expect the GoI to revisit the AGR issue and announce relief measures soon. The verdict is a material positive for VIL, as it could lead to a significant reduction in its AGR dues (Rs 3.6/share boost in case of 50 per cent waiver). However, we believe a part of this potential relief is already factored into VIL's latest market price," said Motilal Oswal Financial Services.
Any relief would likely be sector-wide rather than limited to VIL. However, further clarity, as the SC observed that GoI’s 49 per cent stake in VIL as a key factor in permitting a re-examination of the AGR dues, which could exclude telcos such as Bharti and Hexacom from similar relief, it added and upgraded the stock to 'neutral' (from sell) and revised target price to Rs 10 (from Rs 6.5).
Shares of Vodafone Idea settled at Rs 10.08 on Tuesday, rising nearly a per cent at the opening tick. The company commanded a total market capitalization close to Rs 1.10 lakh crore. The stock hit its 52-week high at Rs 10.57 on Monday, before settling at Rs 9.99 for the day. It has soared more than 72 per cent from its 52-week low at Rs 6.12, hit in August 2026, six weeks ago.
Global brokerage firm Citi also sees Vodafone Idea as a high risk stock but maintains a 'buy' rating on the stock. It sees the Supreme Court's decision to allow the government to review VIL's AGR grievances as a key trigger of relief for the company. The move is seen as a positive for both Vodafone India and Indus Tower, easing sector overhand, it said.
According to the overseas brokerage firm, a big amount of AGR payment is due in March 2026 and the government's relief is likely before the given deadline, which means in the next five months. "Development expected to ease funding worries and improve cash flow visibility," it added with a target price of Rs 10 on Vodafone Idea.
TRAI’s September 2025 subscriber (subs) data shows industry's overall net wireless subs addition continued to be strong at 3.4 million but VIL lost 0.7 million subs. Separately, VIL lost 0.7 million net wireless subs but added marginal 0.02 millon active subs and added 0.3 millionn MBB subs in September 2025, said JM Financial in a note.
Shares of Vodafone Idea (VIL) have rallied higher lately as the troubled telecom stock has soared nearly 72 per cent in the last 6 weeks. The telecom operator player recently has seen upgrades and target price revision from brokerage firms, which may further support its price action. However, it already has met the majority of the targets.
In the recent hearing over AGR issue, Supreme Court (SC) permitted the Union government (GoI) to re-examine the AGR verdict as GoI now holds 49 per cent equity stake in Vodafone Idea and aims to prevent any disruption in services for its 20 crore customers. The SC observed that any decision regarding AGR relief lay within the policy domain of the Union, thereby clearing the way for the GoI to extend such relief.
"We believe this verdict is a positive step and expect the GoI to revisit the AGR issue and announce relief measures soon. The verdict is a material positive for VIL, as it could lead to a significant reduction in its AGR dues (Rs 3.6/share boost in case of 50 per cent waiver). However, we believe a part of this potential relief is already factored into VIL's latest market price," said Motilal Oswal Financial Services.
Any relief would likely be sector-wide rather than limited to VIL. However, further clarity, as the SC observed that GoI’s 49 per cent stake in VIL as a key factor in permitting a re-examination of the AGR dues, which could exclude telcos such as Bharti and Hexacom from similar relief, it added and upgraded the stock to 'neutral' (from sell) and revised target price to Rs 10 (from Rs 6.5).
Shares of Vodafone Idea settled at Rs 10.08 on Tuesday, rising nearly a per cent at the opening tick. The company commanded a total market capitalization close to Rs 1.10 lakh crore. The stock hit its 52-week high at Rs 10.57 on Monday, before settling at Rs 9.99 for the day. It has soared more than 72 per cent from its 52-week low at Rs 6.12, hit in August 2026, six weeks ago.
Global brokerage firm Citi also sees Vodafone Idea as a high risk stock but maintains a 'buy' rating on the stock. It sees the Supreme Court's decision to allow the government to review VIL's AGR grievances as a key trigger of relief for the company. The move is seen as a positive for both Vodafone India and Indus Tower, easing sector overhand, it said.
According to the overseas brokerage firm, a big amount of AGR payment is due in March 2026 and the government's relief is likely before the given deadline, which means in the next five months. "Development expected to ease funding worries and improve cash flow visibility," it added with a target price of Rs 10 on Vodafone Idea.
TRAI’s September 2025 subscriber (subs) data shows industry's overall net wireless subs addition continued to be strong at 3.4 million but VIL lost 0.7 million subs. Separately, VIL lost 0.7 million net wireless subs but added marginal 0.02 millon active subs and added 0.3 millionn MBB subs in September 2025, said JM Financial in a note.